Hydrogen Market Size, Share, Growth Analysis, By Sector(Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical), By Application(Energy (Power Generation, Combined Heat & power (CHP)), Mobility, and Chemical & Refinery (Petroleum Refinery), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10A2019 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 65 |Figures: 75

Hydrogen Market Insights

Global Hydrogen Market size was valued at USD 225.15 billion in 2022 and is poised to grow from USD 242.71 billion in 2023 to USD 442.63 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031). 

The hydrogen market has been on an upward trend over the recent past, because of the growing demand for cleaner energy solutions, and the move towards the de-carbonization of various economic sectors. Hydrogen has been described as a ‘blue sky’ fuel given its ability to do everything a fossil fuel can do including powering transportation, electricity and industrial processes. This potential has seen increased and serious investment from governments of nations and private entities in a bid to develop hydrogen technologies in order to achieve climate ambitions. 

When it comes to the transportation sector, the hydrogen fuel cell vehicles known as FCVs are now expected to challenge the battery electric vehicle or BEVs. Toyota and other global automakers are now producing FCVs and a number of countries are introducing policies and subsidies for the hydrogen fuel infrastructure. This momentum is due to hydrogen’s provision of longer range and faster refueling times than those comparable to BEVs, particularly for HDVs like trucks, buses, and rail. 

Industrial sector is another major consumer for hydrogen and plays the significant role in stimulating growth of the market. Cement and steel industries are among the worst offenders when it comes to carbon emissions that are difficult to combat using mainstream approaches. Hydrogen is an effective means for such industries since it contributes by cutting their emissions by a considerable extent. The energy sector is also using hydrogen in its operations, especially electricity generation and in storage. It also takes part in fuel cells to produce electricity, equally, it can be used to store excessive renewable energy, then utilize it when required, in this manner, it act as a tool in increasing the strength of the grid and energy security.

US Hydrogen Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 174.24 Billion

Largest Segment

Ammonia

Fastest Growth

Ammonia

Growth Rate

5.6% CAGR

Global Hydrogen Market ($ Bn)
Country Share for North America Region (%)

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Hydrogen Market Segmental Analysis

Global Hydrogen Market is segmented by sector, application and region. Based on sector, the market can be segmented into Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical, Material-based), and Transportation (Long Distance, Short Distance). Based on application, the market is segmented into Energy (Power Generation, Combined Heat & power (CHP)), Mobility, and Chemical & Refinery (Petroleum Refinery, Ammonia Production, Methanol Production). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Sector 

The largest segment within this market is the generation type sector concerned with the technology and process of generating green hydrogen. Some of the procedures found in this segment are electrolysis and biomass gasification, while others involve the use of renewable energy systems, including wind and solar. Since there is increased focus on the energy sector for affordable and environmentally friendly sources of energy, the generation type sector takes almost half of the market share because the production of green hydrogen is key to the sector. 

However, the growth rate of only a few segments in this market is impressive; one of them is the storage sector. However, as the green hydrogen industry grows and shifts from a demonstration phase towards a more established market, storage is becoming a key consideration. Compression, liquefaction, or utilizing stores like underground caverns are emerging as frontier solutions that aim to address the increasing need for storage of green hydrogen. The growth in this segment could be attributed to the raising investment in hydrogen infrastructure, establishment of hydrogen energy systems as well as hydrogen in it forms taking up its use as a clean energy in many sectors. 

Analysis by Application 

The largest category that dominates the market is energy, which comprises applications such as power generation, voltage regulation, energy management, and energy storage. This can also be attributed to the fact that with the growing concern towards the use of renewable energy like solar and wind, green hydrogen is being adopted in many energy applications. The stationary segment leads the market, as green hydrogen bridges the gap between the supply of extra renewable energy and the demand required to power communities and industries. 

Mobility is the only segment that is experiencing steady growth and astonishing growth numbers, at that. The shift to change the transportation sector energy pathways is quickly incrementing with increased focus in zero-emission vehicle technologies and other fuels. There is interest in green hydrogen as an energy vector and synthetic fuel for mobility services such as fuel cell electric vehicles, buses, trucks, and trains. Owing to these, it can provide long driving ranges and short refueling time, and hence, can be a solution to carbon-neutralized transportation. The extent and rate of expansion are expected to soar as governments around the globe push for stringent emission standards and continue to build hydrogen infrastructure in the mobility segment in the coming years.

Global Hydrogen Market Size By Sector (%)

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Hydrogen Market Regional Insights

North America appears to be dominating the global hydrogen market which is steadily progressing in different regions of the world. Some factors to help North America lead the market include the rising use of fuel cells, which are crucial to enable the use of hydrogen as a clean energy. The rising demand for fuel cell vehicles is due to end-user preference as well as the uptick in industrial uses, enabling by increased pollution control norms and standards. 

Further, the region comprises of progressive policies and contains massive governmental support hence offering an outstanding indication of the progressive use of cleaner fuels in North America. For example, in March 2023, that is, in its first year of the Biden-Harris Administration, the United States committed a significant amount of USD 750 million for R&D as well as demonstration programs that are focused on furthering the goal of lowering the cost of clean hydrogen. This funding, administered through the US Department of Energy (DOE), is a perfect example of the region’s active activity in strategically supporting research and development efforts in the hydrogen technology sector and its scale-up potential. Such endeavours are especially important for meeting the energy needs of different segments of the transport, manufacturing and electricity generation industries, which would further strengthen North America’s position of being the world’s leading market for the production and distribution of hydrogen.

On the other hand, although the most widespread market of hydrogen is in North America, the Asia-Pacific region has since been identified as the most rapidly developing market in the hydrogen industry. The strong improvement of such a form of business can be attributed to the following dynamic factors peculiar to the region. The Asia-Pacific that is moving faster towards industrialization and urbanization is depicting a higher level of demand for green energy to tackle pollution as well as increasing energy demands. With the world’s leading countries such as China, Japan and South Korea leading the way by committing themselves to corporate hydrogen strategies in addition to investing greatly in the creation of adequate hydrogen networks. Not only are these nations working toward developing a sustainable domestic hydrogen production but also are promoting international partnerships for a secure hydrogen supply chain.

Global Hydrogen Market Size By Geography
  • Largest
  • Fastest

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Hydrogen Market Dynamics

Drivers

Growing Demand for Clean Energy

  • The need for energy-saving and consideration of global warming has been the key boost to hydrogen market around the world. Governments and organizations globally are increasingly putting their bets on hydrogen as an energy source, principal and above all, because at the point of use it is environmentally friendly in terms of not emitting greenhouse gases. Generally, hydrogen fuel cell applications are progressively being used in different segments such as transportation, electricity production and even in industries because of the many advantages that it has. For example, use of hydrogen vehicles is gradually increasing since their use provides an opportunity for a cleaner environment since cars do not use the traditional fossil fuel and therefore deplete the nation's stock of oil. I will also highlight the largely favorable policies regarding sustainable energy solutions, the appreciable level of investments in hydrogen infrastructure and research and development activities which foster hydrogen production and use. 

Technological Advancements

  • As with any industry, changes in technology sourced and used in the various processes involved in hydrogen production, storage and distribution are catalyzing the hydrogen market. Technologies that are currently emerginginclude the electrolyzes that convert water to hydrogen using renewable resources, and these devices are improving with efficiency and reduced costs. This has culminated in lower costs making hydrogen green more attractive in the market compared to the conventional energy sources. In addition, new kinds of storage like storage in tanks under high pressure and the storage with solid materials are adapting one of the strong drawbacks related to hydrogen energy. Such development brings improvement in the aspects of hydrogen storage and transportation safety and efficacy and hydrogen integration into power systems. Continued growth and progress in creating infrastructure to support hydrogen refueling and the ability to increase the capacities of its production continue to propel the use of hydrogen solutions across sectors. 

Restraints 

High Production Costs 

  • While hydrogen has been viewed as the best clean energy source, the most significant drawback that hinders its utilization is its costly production process. At present, hydrogen production is mainly from natural gas reformed, and although it is comparatively cheaper than other methods, it requires a large capital investment and offers carbon emissions. If the electrolysis of water is utilized to generate green hydrogen it is environmentally friendly though it remains significantly expensive because of the reductions in the cost of renewable sources of energy and electrolyzer implementation. This cost factor remains a hurdle to the adoption of hydrogen since it is far more expensive as compared to customary fossil fuels, which is a serious drawback particularly in ‘downstream’ prone markets. One of the limitations of the hydrogen market is the high production costs, which limit its application and widespread use; thus, optimization of production through application of technology including large scale production is essential in removing this restraint towards the marketing of hydrogen. 

Infrastructure Challenges 

  • Currently, the juncture in terms of a structure grounded on hydrogen production facilities, storage, distribution networks, and refueling stations, is rather poor. As with other emerging technologies, creating this infrastructure entails significant expenditure and joint collaboration of both national and international organizations such as governments, commercial enterprises, and universities among others. An example of such barriers includes the limited availability of fugal refueling stations that is detrimental to the use of hydrogen powered vehicles. Furthermore, difficulties are experienced in transportation and storage of hydrogen because of the low energy density and the extremely high pressures that are required to contain it. These are infrastructure bottlenecks, which can negatively influence the hydrogen market growth because they have a direct relationship with the convenience of energy use for consumers. It is imperative that these challenges are overcome through appropriate mechanisms of investment and policy advance for the large-scale implementation of hydrogen technologies. 

Limited Charging Infrastructure  

  • A primary concern for the EV market is the restricted availability and access to charging stations. This limitation is evident and most acute in the rural and developmentally challenged urban regions whose charging stations are few and far in-between. Rapid growth is therefore occurring in the Asia-Pacific region but is restricted by infrastructural demands in rural and emerging markets within the region.

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Hydrogen Market Competitive Landscape

The global hydrogen market can be described as highly competitive as major market players are continually increasing competition, technology, and joint ventures. The global market is made up of a few large producers like Air Liquide, Linde plc, Air Products and Chemicals, Inc.; the listed large manufacturers have advanced production capabilities and innovative technologies. The companies in this industry are establishing massive capital expenditures on exploration in the development of better technologies for hydrogen production such as electrolysis and natural gas reforming with a goal of attaining cut costs. There is also a rise in entries and small players and are also gaining ground in new opportunities such as hydrogen fuel cells and storage. The competitive pressure is also evident on the expansion of partnership and collaboration affiliation designed to create a comprehensive global hydrogen economy in terms of production or supply and consumption or application.

Hydrogen Market Top Player’s Company Profiles

  • Air Liquide (France)
  • Air Products and Chemicals Inc. (US)
  • Linde plc (Ireland) 
  • Chevron Corporation (US) 
  • Saudi Arabian Oil Co., (Saudi Arabia) 
  • Uniper SE (Germany) 
  • Worthington Industries (US) 
  • INOX India Limited (India) 
  • Cryolor (France) 
  • Pragma Industries (France) 
  • BNH Gas Tanks (India) 
  • Hexagon Purus (Norway) 
  • NPROXX (Netherlands) 
  • Oxygen Service Company, Inc. (OSC) (US) 
  • BayoTech (US) 
  • Luxfer Gas Cylinders (UK) 
  • Chart Industries (US) 
  •  Quantum Fuel Systems LLC (US) 
  • AMS Composite Cylinders (UK) 
  • Weldship Corporation (US)

Hydrogen Market Recent Developments

  • In April 2024, the international technology group ANDRITZ announced its acquisition of a 13.8% stake in the Norwegian tech company HydrogenPro. Founded in 2013, HydrogenPro specializes in providing pressurized alkaline electrolyzers (AEL) for green hydrogen production. This acquisition builds on a strategic partnership formed last year, aimed at delivering integrated solutions for green hydrogen plant supplies. By acquiring this stake, ANDRITZ aims to enhance its collaboration with HydrogenPro, combining their expertise to better serve customers. HydrogenPro supplies the essential pressurized alkaline electrolyzer components and technology, while ANDRITZ handles the assembly of electrolyzer stacks and offers green hydrogen solutions on an EPC (Engineering, Procurement, and Construction) basis.  

  • In April 2024, MAIRE announced that its subsidiary, NextChem Tech, finalized the acquisition of 80% of HyDEP S.r.l. and 100% of Dragoni Group S.r.l. This follows an earlier announcement made on February 21, 2024. HyDEP and Dragoni Group, both based in Italy, are esteemed engineering service providers with a focus on the mechanical and electrochemical sectors. With over 20 years of experience in green hydrogen technology, including several patented innovations, these companies offer extensive process design capabilities. Their services cover process and mechanical design, validation, prototyping, and certification of water electrolysis stacks and systems.

Hydrogen Key Market Trends

  • The need for energy-saving and consideration of global warming has been the key boost to hydrogen market around the world. Governments and organizations globally are increasingly putting their bets on hydrogen as an energy source, principal and above all, because at the point of use it is environmentally friendly in terms of not emitting greenhouse gases. Generally, hydrogen fuel cell applications are progressively being used in different segments such as transportation, electricity production and even in industries because of the many advantages that it has. For example, use of hydrogen vehicles is gradually increasing since their use provides an opportunity for a cleaner environment since cars do not use the traditional fossil fuel and therefore deplete the nation's stock of oil. I will also highlight the largely favorable policies regarding sustainable energy solutions, the appreciable level of investments in hydrogen infrastructure and research and development activities which foster hydrogen production and use. 

 

Hydrogen Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our global Hydrogen Market analysis, the market is growing significantly globally because clean energy solutions are gaining attention around the world, governments are implementing favorable policies to support the development of hydrogen as one of the ways to reduce carbon emissions, and due to the progress in hydrogen production technologies. Some current global market studies estimate that the hydrogen market will likely expand with a CAGR of more than 9% within the range of the years 2021 through 2030. Other areas that have the potential for significant growth include transportation specifically in FCEVs as well as in refining, ammonia synthesis, and methanol synthesis. Regionally, Asia-Pacific region, especially Japan, South Korea, and China has more market share in hydrogen infrastructure because of the liberal government support and mounting investments. Another large producer is Europe too and many European countries included in the EU are having credible energy plan and the very specific plan to type huge capacity of hydrogen by the 2030 target. The NAFTA zone especially US has sort of has been active due to private investment as well as policies. Although there are challenges that include high capital to generate costs and infrastructures challenges coupled with regulatory risk that are still prevalent in the market, companies and the government are putting measures in place to overcome the barriers.

Report Metric Details
Market size value in 2022 USD 225.15 billion
Market size value in 2031 USD 442.63 billion
Growth Rate 7.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Sector
    • Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical, Material-based), and Transportation (Long Distance, Short Distance)
  • Application
    • Energy (Power Generation, Combined Heat & power (CHP)), Mobility, and Chemical & Refinery (Petroleum Refinery, Ammonia Production, Methanol Production)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Air Liquide (France)
  • Air Products and Chemicals Inc. (US)
  • Linde plc (Ireland) 
  • Chevron Corporation (US) 
  • Saudi Arabian Oil Co., (Saudi Arabia) 
  • Uniper SE (Germany) 
  • Worthington Industries (US) 
  • INOX India Limited (India) 
  • Cryolor (France) 
  • Pragma Industries (France) 
  • BNH Gas Tanks (India) 
  • Hexagon Purus (Norway) 
  • NPROXX (Netherlands) 
  • Oxygen Service Company, Inc. (OSC) (US) 
  • BayoTech (US) 
  • Luxfer Gas Cylinders (UK) 
  • Chart Industries (US) 
  •  Quantum Fuel Systems LLC (US) 
  • AMS Composite Cylinders (UK) 
  • Weldship Corporation (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Hydrogen Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Hydrogen Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrogen Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrogen Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Hydrogen Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Hydrogen Market size was valued at USD 225.15 billion in 2022 and is poised to grow from USD 242.71 billion in 2023 to USD 442.63 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031). 

The global hydrogen market can be described as highly competitive as major market players are continually increasing competition, technology, and joint ventures. The global market is made up of a few large producers like Air Liquide, Linde plc, Air Products and Chemicals, Inc.; the listed large manufacturers have advanced production capabilities and innovative technologies. The companies in this industry are establishing massive capital expenditures on exploration in the development of better technologies for hydrogen production such as electrolysis and natural gas reforming with a goal of attaining cut costs. There is also a rise in entries and small players and are also gaining ground in new opportunities such as hydrogen fuel cells and storage. The competitive pressure is also evident on the expansion of partnership and collaboration affiliation designed to create a comprehensive global hydrogen economy in terms of production or supply and consumption or application. 'Air Liquide (France)', 'Air Products and Chemicals Inc. (US)', 'Linde plc (Ireland) ', 'Chevron Corporation (US) ', 'Saudi Arabian Oil Co., (Saudi Arabia) ', 'Uniper SE (Germany) ', 'Worthington Industries (US) ', 'INOX India Limited (India) ', 'Cryolor (France) ', 'Pragma Industries (France) ', 'BNH Gas Tanks (India) ', 'Hexagon Purus (Norway) ', 'NPROXX (Netherlands) ', 'Oxygen Service Company, Inc. (OSC) (US) ', 'BayoTech (US) ', 'Luxfer Gas Cylinders (UK) ', 'Chart Industries (US) ', ' Quantum Fuel Systems LLC (US) ', 'AMS Composite Cylinders (UK) ', 'Weldship Corporation (US)'

The need for energy-saving and consideration of global warming has been the key boost to hydrogen market around the world. Governments and organizations globally are increasingly putting their bets on hydrogen as an energy source, principal and above all, because at the point of use it is environmentally friendly in terms of not emitting greenhouse gases. Generally, hydrogen fuel cell applications are progressively being used in different segments such as transportation, electricity production and even in industries because of the many advantages that it has. For example, use of hydrogen vehicles is gradually increasing since their use provides an opportunity for a cleaner environment since cars do not use the traditional fossil fuel and therefore deplete the nation's stock of oil. I will also highlight the largely favorable policies regarding sustainable energy solutions, the appreciable level of investments in hydrogen infrastructure and research and development activities which foster hydrogen production and use. 

The need for energy-saving and consideration of global warming has been the key boost to hydrogen market around the world. Governments and organizations globally are increasingly putting their bets on hydrogen as an energy source, principal and above all, because at the point of use it is environmentally friendly in terms of not emitting greenhouse gases. Generally, hydrogen fuel cell applications are progressively being used in different segments such as transportation, electricity production and even in industries because of the many advantages that it has. For example, use of hydrogen vehicles is gradually increasing since their use provides an opportunity for a cleaner environment since cars do not use the traditional fossil fuel and therefore deplete the nation's stock of oil. I will also highlight the largely favorable policies regarding sustainable energy solutions, the appreciable level of investments in hydrogen infrastructure and research and development activities which foster hydrogen production and use. 

North America appears to be dominating the global hydrogen market which is steadily progressing in different regions of the world. Some factors to help North America lead the market include the rising use of fuel cells, which are crucial to enable the use of hydrogen as a clean energy. The rising demand for fuel cell vehicles is due to end-user preference as well as the uptick in industrial uses, enabling by increased pollution control norms and standards. 

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